Japanese Financial Regulator Issues ‘Punishment Notices’ For 7 Crypto Exchanges
Lydia
The Japanese 🇯🇵 Financial Services Agency (FSA) has sent “punishment notices” to seven crypto exchanges and temporarily halted the activities of two more after a round of inspections prompted by January’s Coincheck hack, CNBC 📑reports Thursday, March 8.
The FSA issued business improvement orders for a lack of “the proper and required internal control systems” to seven exchanges, including Coincheck, which was specifically cited as lacking a system for preventing money laundering and the financing of terrorism.
Exchanges Bit Station and FSHO are to be closed❌ for one month from today, according to CNBC. The FSA reported that a senior Bit Station official used exchange customers’ Bitcoin (BTC) for personal purposes, and Bit Station has ended its application for registering as an exchange.
The FSA also announced in mid-February on-site inspections of 15 Japanese crypto exchanges, those currently awaiting registration, of their computer safety system measures.
Coincheck had promised customers to refund all stolen coins, a statement supported by the FSA, who confirmed through CNBC that Coincheck had enough funds 💰to do so and would be releasing a reimbursement plan later today.
(site: cointelegraph.com )
